Bank of America Co. (NYSE:BAC) Shares Sold by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. lessened its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 15.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 97,580 shares of the financial services provider's stock after selling 18,320 shares during the period. Sompo Asset Management Co. Ltd.'s holdings in Bank of America were worth $4,289,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter valued at $5,226,989,000. Capital World Investors boosted its stake in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Amundi increased its position in shares of Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board increased its position in shares of Bank of America by 71,357.5% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 8,632,780 shares of the financial services provider's stock worth $379,411,000 after purchasing an additional 8,620,699 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. Royal Bank of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Morgan Stanley raised their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Friday, January 17th. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Piper Sandler decreased their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Finally, Truist Financial lowered their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and an average target price of $47.43.

Bank of America Price Performance

Shares of NYSE:BAC traded up $0.09 on Friday, hitting $39.67. The company had a trading volume of 32,686,998 shares, compared to its average volume of 39,159,931. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $301.60 billion, a PE ratio of 12.32, a PEG ratio of 1.21 and a beta of 1.24. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The business has a 50 day moving average of $40.48 and a 200 day moving average of $43.58.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.